All articles tagged with #tax package
The Oregon House narrowly approved a $4.3 billion transportation tax package to fund road maintenance and public transit, including a gas tax increase, higher vehicle registration fees, and a temporary payroll tax hike, aiming to address infrastructure needs despite opposition and concerns over tax hikes.
Senate Republicans are facing challenges in finalizing a large domestic policy bill due to disagreements over the cost of proposed tax cuts and spending cuts, with a nonpartisan analysis indicating the Senate's tax package could be $400 billion more expensive than the House's. The bill's progress is complicated by procedural issues, internal party disagreements, and the need to adhere to budget constraints, with leaders aiming to pass the bill by July 4 despite these hurdles.
The House is set to vote on a $78 billion tax package that includes an expansion of the child tax credit, facing objections from various corners. The bill has bipartisan support but is uncertain in the Senate, where it will need 60 votes to pass. The legislation aims to provide relief to struggling families by incrementally lifting the refundable cap on the credit and resurrecting some expired parts of the 2017 Republican tax cuts for businesses. Senate Republicans are seeking revisions, including eliminating the provision allowing taxpayers to use a previous year's income for larger child tax credits.
House Speaker Mike Johnson's plans to pass a bipartisan tax deal through the House this week are in jeopardy as House Republicans express last-minute concerns, including demands for state and local tax relief, opposition to expanding the Child Tax Credit, and frustration over relying on Democratic votes. The infighting complicates the path to a floor vote, with some members threatening to oppose unrelated rules for other legislation if their concerns are not addressed. The delay in passing the tax package could complicate the IRS's handling of tax returns for the 2024 filing season.
House Minority Leader Hakeem Jeffries has criticized House Republicans for driving the government towards a shutdown, calling the most conservative bloc "irresponsible individuals." Some House Freedom Caucus members and their far-right allies shut down the chamber floor last week over frustrations about the debt and spending deal Speaker Kevin McCarthy reached with President Joe Biden. The possibility that conservatives would move to boot McCarthy from the speakership if he seeks to send Biden bills that spend more than 2022 toplines is prompting government shutdown fears. Jeffries also criticized a tax package the Ways and Means Committee advanced this week on party-line votes.
The Oakland A's have reached out to other Las Vegas sites as they wait for legislative support for a $500 million tax package to build a $1.5 billion baseball stadium on a 49-acre site west of the Strip. The team is still focused on acquiring the former Wild West Casino site, but has also contacted the Rio Hotel & Casino and the Tropicana Las Vegas. The proposed legislation has yet to be filed with state lawmakers, and time is running out for the team to get approval. Discussions around the bill's latest iteration are centered on creating an "incentive program" where tax dollars created by the stadium and its surrounding amenities would be directed into a fund to pay off $500 million in public bonds that would be issued by Clark County.
The Nevada Legislature could "run out of time" on a potential deal to send hundreds of millions of dollars in public money to help construct a baseball stadium in Las Vegas for the Oakland A's if a proposed bill doesn't materialize within the next "week or so," according to Assembly Speaker Steve Yeager. The A's have identified a location for a $1.5 billion stadium complex in Las Vegas but are looking to state lawmakers to approve a $500 million tax package involving tax credits and creation of a special taxation district to help with stadium construction.